CORE MOLDING TECHNOLOGIES INC
For the period ended Dec 31, 2023. Filed Mar 12, 2024.
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FY2023 · Filed Mar 12, 2024
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Table of Contents
CORE MOLDING TECHNOLOGIES, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
| Part I | 5 |
|---|---|
| Item 1. Business | 5 |
| Item 1A. Risk Factors | 10 |
| Item 1B. Unresolved Staff Comments | 18 |
| Item 1C. Cybersecurity | 18 |
| Item 2. Properties | 19 |
| Item 3. Legal Proceedings | 19 |
| Item 4. Mine Safety Disclosure | 19 |
| Part II | 20 |
| Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchase of Equity Securities | 20 |
| Item 6. [RESERVED] | 20 |
| Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations | 21 |
| Item 7A. Quantitative and Qualitative Disclosures About Market Risk | 29 |
| Item 8. Financial Statements and Supplementary Data (PCAOB 173) | 30 |
| Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure | 58 |
| Item 9A. Controls and Procedures | 59 |
| Item 9B. Other Information | 59 |
| Item 9C. Disclosure Regarding foreign Jurisdictions that Prevent Inspections | 59 |
| Part III | 60 |
| Item 10. Directors, Executive Officers, and Corporate Governance | 60 |
| Item 11. Executive Compensation | 60 |
| Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 60 |
| Item 13. Certain Relationships and Related Transactions, and Director Independence | 60 |
| Item 14. Principal Accountant Fees and Services | 60 |
| Part IV | 61 |
| Item 15. Exhibits and Financial Statement Schedules | 61 |
| Signatures | 62 |
| Exhibit 23 | |
| Exhibit 24 | |
| Exhibit 31(a) | |
| Exhibit 31(b) | |
| Exhibit 32(a) | |
| Exhibit 32(b) | |
| EX-101 INSTANCE DOCUMENT | |
| EX-101 SCHEMA DOCUMENT | |
| EX-101 CALCULATION LINKBASE DOCUMENT | |
| EX-101 LABEL LINKBASE DOCUMENT | |
| EX-101 PRESENTATION LINKBASE DOCUMENT | |
| EX-101 DEFINITION LINKBASE DOCUMENT | |
Information Regarding Forward-Looking Statements
Certain statements in this Annual Report on Form 10-K constitute forward-looking statements within the meaning of the federal securities laws, which are subject to the "safe harbor" created by Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As a general matter, forward-looking statements are those focused upon future plans, objectives or performance as opposed to historical items and include statements of anticipated events or trends and expectations and beliefs relating to matters not historical in nature. Such forward-looking statements involve known and unknown risks and are subject to uncertainties and factors relating to Core Molding Technologies' operations and business environment, all of which are difficult to predict and many of which are beyond Core Molding Technologies' control. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expect,” “intend,” “plans,” “projects,” “believes,” “estimates,” “encouraged,” “confident” and similar expressions are used to identify these forward-looking statements. These uncertainties and factors could cause Core Molding Technologies' actual results to differ materially from those matters expressed in or implied by such forward-looking statements.
Core Molding Technologies believes that the following factors, among others, could affect its future performance and cause actual results to differ materially from those expressed or implied by forward-looking statements made in this Annual Report on Form 10-K:
dependence upon certain major customers as the primary source of Core Molding Technologies’ sales revenues and the potential loss of any major customers due to the completion of existing production programs with those customers or otherwise;
business conditions in the plastics, transportation, power sports, utilities and commercial product industries (including changes in demand for production);
the availability and price increases of raw materials;
general economic, social, regulatory (including foreign trade policy) and political environments in the countries in which Core Molding Technologies operates;
safety and security conditions in Mexico;
fluctuations in foreign currency exchange rates;
efforts of Core Molding Technologies to expand its customer base; the ability to develop new and innovative products and to diversify markets, materials and processes and increase operational enhancements;
ability to accurately quote and execute manufacturing processes for new business; the actions of competitors, customers, and suppliers;
failure of Core Molding Technologies’ suppliers to perform their obligations;
inflationary pressures; new technologies; regulatory matters;
labor relations and labor availability as well as possible work stoppages or labor disruptions at one or more of our union locations or one of our customer or supplier locations;
the loss or inability of Core Molding Technologies to attract and retain key personnel;
the ability to successfully identify, evaluate and manage potential acquisitions and to benefit from and properly integrate any completed acquisitions;
federal, state and local environmental laws and regulations (including engine emission regulations);
the availability of sufficient capital; the ability of Core Molding Technologies to provide on-time delivery to customers, which may require additional shipping expenses to ensure on-time delivery or otherwise result in late fees and other customer charges; risk of cancellation or rescheduling of orders;
management’s decision to pursue new products or businesses which involve additional costs, risks or capital expenditures;
inadequate insurance coverage to protect against potential hazards; equipment and machinery failure; product liability and warranty claims;
cybersecurity incidents or other similar disruptions impacting Core Molding Technologies or significant customers and/or suppliers; and
other risks identified from time to time in Core Molding Technologies’ other public documents on file with the Securities and Exchange Commission, including those described in Item 1A of this Annual Report on Form 10-K.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.